"I'm a true believer in things that are hard; you break them down to the simplest form" - Shaquille O'Neal explains lesson he learned from his favorite book
Shaquille O'Neal started planning for life after basketball early in his NBA career. O'Neal credited his family, especially his mother, for teaching him how to save money. He also learned a valuable lesson from the book, "Dummies Guide to Starting Your Own Business."
While helping the NBA promote the game in Abu Dhabi, O'Neal was interviewed by Reem Abulleil of The Guardian. The Hall of Fame big man discussed his success as an entrepreneur. He explained how finding the right people to form partnerships helped him make a lot of money.
"The best thing that happened for me is I bought a book, 'Dummies Guide to Starting Your Own Business,'" O'Neal said. "And my favorite chapter was joint ventureships. Because I'm a true believer in things that are hard; you break them down to the simplest form."
Shaquille O'Neal also said that by his second year in the NBA, he was already saving money to prepare for retirement. O'Neal was advised by his mother to save his money just in case his career didn't pan out.
"At some point I'm gonna have to retire," O'Neal said. "Would love to live the same lifestyle. When you come from nothing, and then you have it all, you want to keep it all. So how can I keep it all? You have to develop smart and inventive ways to make sure that my mom keeps this house that I just bought her or my sister keeps the car I got her."
Since retiring from the NBA, the LA Lakers legend has amassed an estimated net worth of $400 million.
One of his most successful ventures is "Big Chicken," a restaurant chain that recently expanded in Texas. O'Neal moved to the Dallas area to oversee the expansion in the state, with more than 50 new locations to open till 2024.
How did Shaquille O'Neal learn about 'Dummies Guide to Starting Your Own Business?
When Shaquille O'Neal received his first million dollar paycheck, he spent it all to give back to his family.
Shaq bought his parents a nice house and nice cars. It was not a bad way to spend his first paycheck, but a friend's father from school talked to him about finances.
"Mr. Johnson—he called me into the office and says, 'Shaq, I want to have a conversation with you about your money,'" O'Neal told GQ Magazine. "I was like, 'Yeah, what's up?' He said, 'You know, 50, 60% of all professional athletes when they're done, they have nothing, and I don't want you to."
He continued:
"He said, 'I know you left school early, but you're about to come into a lot of money. This can help you.' It's the 'Dummies Guide to Starting Your Own Business.' So I get it, and I read it, and I said, 'Let me try it.'"
After reading the book, O'Neal started his business by creating a Subchapter S corporation and putting his family on a payroll. He then created his own logo and trademarked it.
The third step he took was entering joint ventures and letting experts help him make money.